We have experience in supporting Financial Controllers and Treasurers to optimise the structure of their finance functions to improve their contribution to the business. Typically we are engaged with at one of two levels. Firstly, in terms of providing business process consultation to support the impementation of a particular product such as SAP. And secondly to provide structured support regarding the innovative usage of technology.

In either case we always seek to ensure that Finance addresses the challenges of achieving appropriate standards of control, efficient back office opportunities and support to the business through insight and challenge.

Recently, the emphasis of Finance has been control and efficiency characterised by a heavy focus on SOX compliance delivered through streamlined back office models. Now, with the current credit credit squeeze the focus for many has turned to Insight. As a result, we believe the main competing priorities likely to by continuing challenge for the finance function are the following:

• Maintaining compliance and control: Being accountable to the business and to the financial community. Although CFO’s have put compliance and control to the top of the agenda, for many, such responses have been tactical rather than strategic. More deeply embedded and sustainable solutions are now required. Flexibility to response to future regulatory change is also increasingly important.

• Delivering efficiency: The pressure to release money, resources and capacity has never been greater. Driving efficiency gains may come from the elimination of redundant activities, consolidations of activities (for example, through shared services), standardisation and automation of processes. For instance, we recently assisted a client's Finance department integrate an electonic documentation management system with their core backend software. This step resulted in cost savings in excess of 50%.

• Providing insight and challenge: Inovation takes different forms in different organisations. It involves delivery of an effective performance management framework, understanding the key business drivers and challenging and supporting business decisions around these drivers. Equipping Finance to deliver effective support on these aspects requires tools and capabilities which are often new to the function.

Such demands are not mutually exclusive. Nevertheless, balancing the tension of these demands means keeping an eye on the details and the other on how to realise the vision.

Sopica can help if you:

• Are concerned about what governance standards you need to establish to align Finance with the business
• Are seeking to reduce the costs and improve the efficiency of the Finance function
• Are trying to align Finance with the business to provide an effective performance management and challenge mechanism
• Are concerned about having the appropriate balance of controls and that they are not constraining the business
• Are encountering more challenges than expected in setting up shared service and outsourcing arrangements and are keen to ensure sustainable benefits
• Want to recognise change as the ‘normal’ state and want to explore how to embed change capabilities into your Finance organisation
• Want to explore a future vision for Finance